Sallie Mae Plans to Bring 2,000 Overseas Jobs to U.S.Student loan company Sallie Mae, officially known as SLM ( SLM), said Monday that it will shift 2,000 jobs from call centers and other operations from overseas locations back into the U.S. The Reston, Va.-based company said that it's bringing the jobs back to the U.S. in order to do its part to ease domestic unemployment, which recently spiked to a decades-long high of 8.5%. Sallie Mae CEO Albert L. Lord said "
Cisco Downgraded by Goldman SachsGoldman Sachs said Monday that it cut its rating on Internet network company Cisco Systems ( CSCO) to neutral from conviction buy. A Goldman analyst said that since Cisco has reached the bank's $18 price target, that Goldman views its "growth expectation as largely priced in." Goldman added that it maintains a positive long-term view for the company. Cisco shares fell 93 cents, or -5%, in late Monday trading.
The stock has technical support around the $13 level. If that fails to hold, we could see the $9 price point come into play. If the shares can firm up, we see overhead resistance around the $19-$21 price levels. We do not currently rate this non-dividend paying stock, but we do monitor the company closely as it is a key technology name. Cisco does not currently pay a dividend.
MGM Mirage Reportedly Hires Bank to Sell Casino AssetsAccording to a Reuters report Sunday, gaming and resort operator MGM Mirage ( MGM) has contracted Morgan Stanley to sell several of its casinos, and is already in talks with potential buyers of some of its assets. According to a source familiar with the matter, the Las Vegas-based company is negotiating deals to sell its casinos outside of Las Vegas. These properties include MGM Grand Detroit and Biloxi's Beau Rivage in Mississippi. MGM has struggled with debt and liquidity issues amid the current economic crisis, and posted a $1.1 billion fourth-quarter loss in late March. On the heels of this report, MGM shares jumped 33% in early afternoon trading Monday. Shares of MGM are way off all-time highs of $100 hit at the end of 2007. The stock has tripled off near all-time technical lows of $2 per share. If the shares do pull back, we see the $4.50 level as a key area that must hold. We do not currently rate this non-dividend paying stock, but we do follow the stock and casino sector closely. MGM Mirage does not currently pay a dividend.
Campbell Soup Shares Downgraded
Shares of Campbell Soup ( CPB) are down nearly 3% after JPMorgan lowered the food company's rating to neutral from overweight. The analyst cut the EPS estimates in 2009 and 2010 by 3 cents each year as well as taking the price target down to $30 from $35.50. The analyst said disappointing results in the key U.S. soup business triggered the ratings action. We had removed shares of CPB from our "recommended" list back on Oct. 8, when the stock was trading at $38.67. The company has a 3.65% dividend yield, based on Friday's closing stock price of $27.43. The stock has technical support at the $26 level. If that fails to hold, we could potentially test the $21 level. If the stock can rebound, we see overhead resistance around the $34-36 price area. We would remain on the sidelines for now. Campbell Soup is not recommended at this time, holding a Dividend.com DARST Rating of 3.3 out of 5 stars. Be sure to visit our complete recommended list of the Best Dividend Stocks as well as a detailed explanation of our ratings system.